City of Madison, Wisconsin | Legislative Information Center
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File #: 57577    Version: 1 Name: 11881 PSA Olin Park Expansion 354 E. Lakeside St.
Type: Resolution Status: Passed
File created: 9/24/2019 In control: Economic Development Division
On agenda: 10/15/2019 Final action: 10/15/2019
Enactment date: 10/19/2019 Enactment #: RES-19-00723
Title: Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Sally J. Stevens for the City’s acquisition of the property located at 354 East Lakeside Street for assemblage with Olin Park. (13th A.D.)
Sponsors: Tag Evers, Paul E. Skidmore, Zachary Henak
Attachments: 1. 11881 PSA Addendum A (Final).pdf, 2. 11881 Resolution Attachment-Location Map.pdf
Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property located at 354 East Lakeside Street for future incorporation with Olin Park. Real Estate has estimated the acquisition cost at $792,500 for the parcel plus $20,000 in additional real estate costs for environmental site assessment, title work, miscellaneous closing costs, and staff time for a total amount of $812,500. The purchase will be funded by impact fees in the Land Acquisition project (Munis project 17128). Funding is available in this project for the purchase of the parcel and associated costs based on the estimate.

As a condition of the sale, the seller may lease back the property. The initial term of the lease is one year from the closing date on the property, or through December 31, 2020, whichever is longer. The seller will not be charged rent for the first lease back term but will pay for all operating and maintenance expenses relating to the use of the property. Any capital expenditures over $2,000 are the responsibility of the City and will be made at the City’s discretion.
The seller has two options to extend the term of the lease for consecutive periods of one year each. If the seller exercises the first option to extend the lease, the seller will pay market rent on a month to month basis as mutually agreed upon by the City and seller. The rental rate for this year will be $2,000 per month. If the seller opts to extend the lease for the second option, the rental rate will be $2,100 per month (5% increase).
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and Sally J. Stevens for the City’s acquisition of the property located at 354 East Lakeside Street for assemblage with Olin Park. (13th A.D.)
Body
WHEREAS, Sally J. Stevens (“Seller”) is the owner of the property containing 8,591 square feet of land and single family home improvements, located at 354...

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